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Canadian Billionaire on Bitcoin: Central Banks Will Try Very Hard to ‘Undermine’ It

In a recent interview, billionaire Canadian mining magnate, media mogul, and philanthropist Frank Giustra shared his thoughts about the seemingly never-ending gold vs Bitcoin debate, and explained why he likes both. Giustra is “CEO of the Fiore Group, a private firm managing a broad portfolio of private equity investments and companies, specializing in natural resources, […]

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In a recent interview, billionaire Canadian mining magnate, media mogul, and philanthropist Frank Giustra shared his thoughts about the seemingly never-ending gold vs Bitcoin debate, and explained why he likes both.

Giustra is “CEO of the Fiore Group, a private firm managing a broad portfolio of private equity investments and companies, specializing in natural resources, entertainment, art, food and lifestyle.” His entrepreneurial successes includes the founding of Lionsgate Entertainment. As for his philanthropic work, “for over two decades the Giustra Foundation has supported innovative solutions to some of the world’s most pressing humanitarian and economic challenges — focussing on women and children, health and education, homelessness and refugee resettlement.”

Giustra’s comments regarding Bitcoin and gold came during part 2 of his interview with Daniela Cambone, Editor-at-Large and Anchor at Stansberry Research.

Gold vs Bitcoin Debate

I just think that people should stop arguing about this: make your choice, buy one or the other, and shut up. I don’t envy you having to referee between Peter Schiff and Max Keiser… These two are going at each, and it’s getting ugly… I’ve my own opinions about Bitcoin, but that doesn’t that doesn’t make them gospel…

I don’t have a crystal ball. I just have opinions that are based on my understanding of what is happening out there, what’s driving gold, what’s driving Bitcoin. And so, I think, yeah, Bitcoin could go a lot lot higher in the short and near term… Will it replace gold? I don’t think so for a lot of reasons.

Why Gold Is a Better Store of Value Than Bitcoin

Gold has 3,000 years of history as being a trusted store of value. It’s never ever failed in 3,000 years. Btcoin is less than a decade old, and it’s just now being viewed by the investing audience as a store of value, OK? Until it reaches near universal adoption like gold has, … you’re speculating… What you’re doing is speculating that it will reach there. And until it does, you are playing the ‘The Greater Fool’ game… It may but I think it’s a long long way off for a whole host of reasons, but that doesn’t mean that it’s not going to go a lot higher, which I personally think it will…

I think it’s going to do what some of these people are predicting… If I had a choice of where to store my wealth… it’s going to be gold… If I want to make money because I think something’s going higher, I’ll buy Bitcoin… I think we’re years off from it reaching the stage where it can even make the argument that it’s going to compete with gold, and I think there are going to be roadblocks along the way that it’s going to have to overcome.

How Central Banks Will Try to Stop Bitcoin From Achieving Universal Adoption

Central banks own gold. They don’t own Bitcoin, and their gold is a core part of their currency reserves and always will be and if they do anything, they will issue their own digital currency. They’re not going be buying bitcoin because they’re going to try with all their power to undermine Bitcoin.

Blockchain

Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins

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Aside from a few rare outliers, over the last several years, owning Bitcoin has been the better investment compared to other cryptocurrencies. Altcoins like Ethereum and others have only recently caught up, and BTC dominance has maintained the lion’s share of the crypto market cap.

However, dominance has lost an important trendline dating back four full years to the peak of the last bull market, and it could suggest a major turnaround is about to occur across the crypto market. Could this be the » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season crypto investors have been waiting for?

Bitcoin Dominance Loses Crucial » Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>Bear Market Trendline

At peak Bitcoin fever in 2017, interest turned to altcoins that were much cheaper per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin by comparison as investors searched for the next BTC.

Related Reading | Five Signs That Say Altcoin Season Hasn’t Even Started Yet

Those investors ended up learning the hard way that there is no replacement for Bitcoin. Altcoins plunged by as much as 99% in most instances, while Bitcoin wiped out only 84% of its gains by comparison. Both scenarios are now far in the rear view, and since then Bitcoin has a commanding lead.

bitcoin dominance altcoin season

BTC dominance has lost an important monthly trendline dating back to the top of the last bull market | CRYPTOCAP-BTC.D on TradingView.com

At the height of that fever, dominance reached as low as 35%, but has since remained around or above 63%. That key level was lost at the same time a pivotal trendline was, and now there could be no over-performance in Bitcoin for the next year or more.

The trendline in question dates back four years to the bull market peak, and has kept dominance supported ever since.

Altcoins Are Ready To Explode If Dominance Dives Further

Bitcoin dominance holds the key to unlocking the true potential of any » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin season, which thus far the leading cryptocurrency by market cap has kept locked away for many years now.

bitcoin dominance altcoin season 2

A zoomed in view shows how many times BTC dominance tried to reclaim the line | CRYPTOCAP-BTC.D on TradingView.com

Losing the previous long term trendline resulted in some short term consolidation followed by a large move lower. A bearish retest of 70% BTC dominance failed, sending the important crypto market metric falling back lower to the second ascending trendline.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

With the 63% level now lost also, BTC dominance should gravitate toward the mid-50% range, allowing altcoins to soar compared to Bitcoin for an extended period of time.

Altcoins could also theoretically hold up better in a wider correction, but that scenario is unlikely as the riskier assets typically are more volatile and react more sensitively to greater crypto market selloffs.

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-dominance-trendline-altcoins/

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John McAfee faces more charges connected to money laundering and wire fraud

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According to the United States Department of Justice, Manhattan Federal Court today charged John McAfee and his team’s executive adviser Jimmy Gale Watson Jr for fraud and money laundering conspiracy crimes. 

McAfee has been charged with securities fraud, touting, and wire fraud among other offenses stemming from the fraudulent promotion of crypto that federal law recognized as securities.

On 6 October last year, United States watchdog, Securities Exchange Commissions (SEC) charged the founder of the McAfee antivirus software firm for allegedly making over $23 million in the process of shilling seven initial coin offerings. Jimmy Gale Watson Jr. was also charged for violating Securities’ law in real-time on Twitter for shilling the ICOs along with McAfee. 

The ICOs reportedly raised $41 million in the process with half of those proceeds pocketed by McAfee. 

Manhattan US Attorney Audrey Strauss alleged that the duo exploited social media and “enthusiasm” among investors in the “emerging crypto market” to make millions through “lies and deception.” She further claimed: 

…[McAfee and Watson] allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.

The investors of these ICOs allegedly concealed the fact that they were compensating McAfee and his team for their promotional tweets through funds raised from public ICO investors.

While McAfee is currently detained in Spain on separate criminal charges filed by the DoJ’s Tax Division. Watson was arrested on 4 March in Texas and will be presented before a federal magistrate judge in the Northern District of Texas, today. 


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Source: https://ambcrypto.com/john-mcafee-faces-more-charges-connected-to-money-laundering-and-wire-fraud

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PAID Network exploiter nets $3 million in infinite mint attack

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Paid Network, a DeFi platform aimed at real-world businesses, has been exploited today in an “infinite mint” attack that has sent PAID token prices plunging upwards of 85%.

While the exploit netted nearly $180 million in PAID tokens at the time of the attack — what would have comfortably been the largest exploit of a DeFi protocol — the hacker’s payday will end up being far less. One observer noted that the attacker’s wallet only converted some of their tokens to wrapped ether, leaving the rest in rapidly-devaluing PAID tokens: 

The attacker’s wallet still has over 57 million PAID tokens worth $37 million. 

The exploit is conceptually similar to an attack on insurance protocol Cover that took place in late December last year. In that instance, the team took a “snapshot” of holders prior to the attack and issued a new token, returning the supply of the token to pre-exploit levels.

The team confirmed on Twitter that they are currently planning for a snapshot and restoration:

However, token holders anxious for a resolution may be out of luck. Some in the community are speculating that the attack on PAID wasn’t an exploit at all, but instead a “rugpull” — a colloquial term for an insider designing contracts to specifically make them exploitable and swiping user funds. 

Nick Chong of Parafi Capital noted on Twitter that Paid’s deployer contract, an externally controlled account, transferred ownership of the deployer to the attacker shortly before the mint, indicating that a member of the team either rugpulled, or errantly allowed the attack to take place with a security lapse:

Additionally, a DeFi risk analysis account @WARONRUGS warned of exactly this exploit in late January, noting that the contract owner can mint PAID tokens at any time:

An on-chain note sent to the attacker has ominously warned that “the LAPD will be in contact with Kyle Chasse very shortly.” Kyle Chasse is the CEO of Paid Network.

Paid Network did not respond to a request for comment by the time of publication. 

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Source: https://cointelegraph.com/news/paid-network-exploiter-nets-3-million-in-infinite-mint-attack

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